Taking their cue from a blogpost by Professor Bill Mitchell, Anne & Kev dig into the current debate over wage rises and inflation.

Then, Anne speaks with Darren Quinn, who came to macroeconomics as a lay person, and has spent many years on social media educating Australians about how their economy works. Anne & Darren chat about the misunderstandings that often arise for people who are new to Modern Monetary Theory (MMT). Refine your grasp on economics, and find out why you might be mistaken to think:

• Since the federal government has no fiscal constraints, we should just "print money".
• Taxing prevents inflation, so we can just start taxing if we see inflation taking off.
• MMT shows that currency is a coercive institution, so we should get rid of money altogether.
• MMT is just Keyensian economics with a job guarantee.

And the meme about inflation (that probably wont take off): It's not the money, honey. It's the supplies, guys.

Show Notes

Bill's blogpost:

Australia – workers endure on-going real wage cuts as corporate profits soar
http://bilbo.economicoutlook.net/blog/?p=49302

Websites Darren mentioned:

Modern Money – Macroeconomics by Darren Quinn
https://modernmoney.wordpress.com/

Bill Mitchell - Modern Monetary Theory
http://bilbo.economicoutlook.net/blog/

Real Progressives
https://realprogressives.org/

Modern Money Network (MMN)
https://modernmoneynetwork.org/

Modern Money Network (MMN) Youtube
https://www.youtube.com/c/ModernMoneyNetwork/videos

Credits

Theme music:
One in Ten by UB40

orangefreesounds.com
Sound effects permitted for non-commercial use under license
“Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)”